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Paycheck Protection Program

UPDATED MAY 5, 2021:

PPP general fund exhausted

According to the Small Business Administration (SBA), the Paycheck Protection Program’s general fund was reportedly exhausted Tuesday ahead of the program’s May 31 authorization, though some PPP funds remain for certain loans and lenders.

Details:  While the SBA hasn’t released public figures, remaining PPP funds reportedly break down as follows:

  • Roughly $6 billion reserved for loans with hold codes
  • Roughly $8 billion set aside for certain community financial institutions

Background:  Under the Economic Aid Act, community financial institutions include Community Development Financial Institutions, Minority Depository Institutions, Certified Development Corporations, and certain microloan intermediaries.

FDIC Resource:  As some small businesses continue seeking PPP loans, these CDFIs and MDIs may be able to provide some assistance and satisfy loan requests: FDIC’s Interactive Map.

For additional detail, more PPP information and resources are available on the SBA and Treasury websites.



PPP Ends May 31, 2021

The Paycheck Protection Program ends on May 31, 2021. All eligible entities can apply through a participating lender until then.

Loan details

PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP loan with the same general loan terms as their First Draw PPP loan.

Second Draw PPP loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Maximum loan amount and increased assistance for accommodation and food services businesses

For most borrowers, the maximum loan amount of a Second Draw PPP loan is 2.5x the average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP loan is 3.5x the average monthly 2019 or 2020 payroll costs up to $2 million.

Who may qualify

A borrower is generally eligible for a Second Draw PPP loan if the borrower:

  • Previously received a First Draw PPP loan and will or has used the full amount only for authorized uses
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020




Do You Qualify for the Second Round of Paycheck Protection Program Funding? – APPLY NOW

New federal legislation authorizes the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loans up to the $284.5 billion in allocated PPP funding.

Small businesses can apply for a PPP loan through March 31, 2021, or until funds are depleted, if they fit into the following criteria:

  • the business can certify that they were in operation as of February 15, 2020 and will use the funds as defined by the guidelines
  • the business has less than 500 employees**
  • the business will use the funds as defined by the guidelines (to help retain employees, maintain payroll and other qualifying expenses)
  • the applicant is an “eligible entity” (sole proprietor, partnership, C-Corp, S-Corp, LLC, Independent Contractor, Self-employed individual, 501(c)(3) organization, 501(c)(19) veteran organization, housing cooperative, tribal business or small agricultural cooperative)
  • the SBA also requires several certifications, including certification that current economic uncertainty makes this loan request necessary to support the ongoing operations of the business

Existing PPP borrowers are allowed to receive second round funding if they meet the following additional criteria:

  • the business has used all funding from their first PPP loan or will have by the time of disbursement of the second PPP loan
  • the business has no more than 300 employees
  • the business can demonstrate a year-over-year quarterly revenue reduction of at least 25%

For details on eligibility and requirements, please see our Paycheck Protection Program Eligibility and Application Instructions.

If you think you may qualify, you can apply by CLICKING HERE.

** Some exceptions for businesses in the hospitality or food services [NAICS 72], and some eligible news organizations.)

JANUARY 6, 2021:


Latest update for Paycheck Protection Program clients

New legislation, signed into law on December 27, 2020 authorizes the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loans up to the $284.5 billion in allocated PPP funding.

• According to the legislation, PPP loans will be available to businesses with 500 or fewer employees that have not previously received a PPP loan to help with payroll, rent, utilities, healthcare costs and more

• In addition to providing for new PPP loans for first-time borrowers, the legislation also allows certain existing PPP borrowers to receive a “second draw” PPP loan if they have used all of their first loan (or will have by the time of disbursement of the second loan), have no more than 300 employees and can demonstrate a year-over-year quarterly revenue reduction of at least 25%

• The legislation also expands the list of allowable and forgivable expenses, which apply to existing PPP loans for which a borrower has not yet received forgiveness. Additionally, the legislation provides for a more flexible covered period. For details on eligibility and requirements, please visit the SBA website.

We are awaiting guidance from the SBA on this round of PPP lending and plan to begin receiving new PPP loan applications in the coming weeks. Please check back for updates.

Online Administration

BankSouth will continue to work with our small business customers to make this process as easy and streamlined as possible.  In addition to our online portal made available, our PPP Specialists and Relationship Managers will be available to assist and answer your questions as more information becomes available. .


This results in an extension for small businesses to apply for the remaining PPP funds until August 8, 2020.  BankSouth continues to process PPP loan applications; call a Relationship Manager at your local branch for more information.

Washington, D.C. (July 2, 2020) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey released the following statement on congressional passage of legislation to extend the Paycheck Protection Program through Aug. 8.

“As the nation’s top small-business lenders and leading Paycheck Protection Program participants, community banks will continue working to meet the needs of their customers and local communities.

“Community banks have been an economic lifeline to local communities during the COVID-19 pandemic, including through their participation in the Paycheck Protection Program. Combined, they account for more than 66 percent of PPP loans and 63 percent of the program’s approved dollar amount, according to SBA data.

“While community banks will continue supporting their local economies, we are also advocating additional reforms to include in the next COVID-19 relief bill to support small businesses and jobs in rural, suburban, and urban markets. In addition to a more straightforward approach to PPP loan forgiveness, ICBA and community bankers also encourage Congress to advance capital and accounting relief, liability protection, tax reform, agricultural support, and more.

“ICBA and the nation’s community banks will continue working with Congress and the Trump administration to implement policies that will help local communities recover economically from the COVID-19 pandemic.”


On June 25, 2020, the SBA updated FAQ information pertaining to the Loan Forgiveness Application package with instructions and continues to update regulations and guidance to help borrowers complete their applications and inform lenders of their responsibilities.

The form and instructions include:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after borrowers received their PPP loan
  • Step-by-step instructions on how to perform calculations required by the CARES Act to confirm eligibility for loan forgiveness.
  • Statutory exemptions fro loan forgiveness reduction based on rehiring by June 30.
  • Descriptions of documents you need to gather (e.g., payroll records, eligible non-payroll costs like rent, mortgage interest, covered business utility payments, etc.
  • The new exemption for borrower whose good faith, written offers to rehire workers were declined.

When to submit your Loan Forgiveness Application:

  • The Paycheck Protection Program Flexibility Act of 2020, which became law on June 5, 2020, extended the covered period of loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness.  The 24-week period applies to all borrowers, but borrowers that received an SBA loan number before June 5, 2020, have the option to use an eight-week period.¹
  • As of June 25, 2020, the SBA updated its policy regarding the maturity date of a PPP loan.  If a PPP loan received an SBA number on or after June 5, 2020, the loan has a five-year maturity.  If a PPP loan received an SBA loan number before June 5, 2020, the loan has a two-year maturity,, unless the borrower and lender mutually agree to extend the term of the loan to five years. The promissory note for the PPP loan will state the term of the loan.¹
  • BankSouth will notify you in advance of that date that you are eligible to begin the application process. Check back here frequently for additional information regarding electronic submission of your Loan Forgiveness Application.

¹ Source: SBA Frequently Asked Questions for Lenders and Borrowers for the Paycheck Protection Program – Effective June 25, 2020 SBA FAQ for Lenders and Borrowers, Effective June 25, 2020